Bitcoins Next Price Move based on Support & Resistance Zones
Based on the current trend, Bitcoin has faced major sell offs and the market picked up from some of the lows that the market reached. And is currently retesting the Resistance (R2) and at the time of writing the price of BTC is at 7350. Now if Bitcoin moves above this resistance line then there is a high chance that the Resistance line (R1) might be retested but this situation seems highly unlikely given that the price is currently trending below R2. The next support likely looks in the range of Support (S1).
The slower the resistance lines are breached the subsequent corrections might not be so drastic, the quicker the resistance and support lines are breached the greater the fall in price.
So investors who are waiting in the sidelines have to be cautious in the current market and shorting also doesn't seem like a good idea since there might be a possible bounce before the next fall. So accumulation should only be done when there is a cross over in the Bollinger Band in dips. We have to wait and watch if this is the start of a bear market that might retest the 5800 levels.
Please note that the trade calls are the authors opinions based on technical analysis and hence readers are requested to do their own in depth study before investing.
The slower the resistance lines are breached the subsequent corrections might not be so drastic, the quicker the resistance and support lines are breached the greater the fall in price.
So investors who are waiting in the sidelines have to be cautious in the current market and shorting also doesn't seem like a good idea since there might be a possible bounce before the next fall. So accumulation should only be done when there is a cross over in the Bollinger Band in dips. We have to wait and watch if this is the start of a bear market that might retest the 5800 levels.
Please note that the trade calls are the authors opinions based on technical analysis and hence readers are requested to do their own in depth study before investing.
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